PT’s Pub owner buying Stratosphere, other casinos

Golden Entertainment, the company that owns PT’s Pub, a slot route company and casinos in Pahrump and Maryland, announced today it is buying American Casino and Entertainment Properties, which owns the Stratosphere, Arizona Charlie’s Decatur, Arizona Charlie’s Boulder and another casino in Laughlin.

The company said it will pay $781 million in cash for American, as well as about 4 million shares of Golden stock issued to American’s current owner, Whitehall Street Real Estate Partners 2007, a real estate private equity fund.

In a news release announcing the deal, Blake L. Sartini, chairman and chief executive officer of Golden, said the deal will create "a significant gaming portfolio centered around Nevada-based casinos.”

Golden said the transaction should be finished at the end of the year, after regulatory approval.